American electric vehicle startup Rivian announced the successful production of 13,992 units in the second quarter of 2023. Of that total, the company managed to deliver 12,640 EVs to customers, ultimately surpassing its previous guidance.
Rivian claims that these remarkable results were aligned with its expectations, saying that “it is on track to deliver on the 50,000 annual production guidance previously provided.”
It is worth noting that Rivian was also among the first automakers to support the Tesla-developed NACS, which can boost its EV sales once its EVs gain access to the latter’s vast Supercharging network.
Rivian aims to produce 50,000 EVs annually
As mentioned, Rivian set a production target of hitting 50,000 units per year. However, many doubted if the company could hit that target, considering the major safety recall it implemented in late 2022.
For context, the automaker recalled over 12,000 EVs at that time due to loose bolt concerns, which can increase the risk of a crash. Notably, the recall involved 2022 Rivian R1T pickup trucks/utes, R1S SUVs, and Rivian EDV delivery vans.
Apart from that, Rivian also struggled since its major shareholder Ford sold most of its stocks in early 2023 following a substantial $10 billion write-down.
Despite all that, Rivian managed to produce 9,395 EVs and delivered 7,946 units in Q1 2023, indicating the brand’s commitment to hitting its annual production target.
Fortunately, the company was able to continue to demonstrate good performance in the second quarter. As mentioned, Rivian’s EV production at its Illinois factory hit 13,992 units, while its customer deliveries recorded 12,640 vehicles.
See Also:
- Rivian emerges as the latest automaker to join Tesla’s charging network
- Rivian R1S SUV gains IIHS Top Safety Pick+, joining R1T Pickup sibling
- Rivian issues recall for 5,030 R1S SUVs due to reversing light visibility issue
- Rivian (RIVN) stock rebounds after solid Q1 delivery results
- Mini & Rivian scored high on JD Power EV Experience Index for driving entertainment & satisfaction
The industry positively responded to Rivian’s significant production and delivery progress, raising its stock by almost 14% after the announcement.
We can expect more good news from the automaker as it announced plans to disclose further details about its Q2 2023 financial results on August 8.
